Introduction

This work was approved in July 2016, and the committee draft was recently agreed for progression to DIS. Experts from 14 National Standards Bodies attended the WG8 meeting in Berlin, Germany, in June 2018 to discuss the comments received on the CD. Preparations are on-going of s revised text for submission for DIS ballot in autumn 2018. It is anticipated The standard is expected to be published in 2019..

The scope of the standard

This International Standard offers organizations guidance on determining, and communicating, the environmental costs and benefits associated with their environmental aspects, impacts and dependencies on natural resources and ecosystem services. This is based on decisions organizations make with regard to:

the boundaries of their environmental costs and benefits to be considered;

selecting the data to use.

The standard is designed to be used in a range of applications that inform environmental management.

This International Standard is applicable to any organization regardless of size, type and nature, and applies to the environmental aspects, impacts and dependencies of its activities, products and services that the organization determines are to be included among its environmental costs and benefits.

This International Standard cannot be used for conformity assessment.

Intent of the standard

Translating information on an organization’s aspects, impacts and dependencies into economic values can facilitate engagement with the organization’s finance function and in particular with the Chief Financial Officer. This type of information can enable the material environmental issues and their implications for the organization to be understood in commercial terms. This can prioritize action on environmental management by key decision makers, in particular at board level.

Overall, measuring both “non‐financial” and “financial” information will better inform an organization’s decision‐making on sustainability. This is consistent with the recent revisions to ISO 14001 where involvement of the senior leadership team is a key focus.

This International Standard offers organizations guidance on determining, and communicating, the environmental costs and benefits associated with their environmental aspects, impacts and dependencies on natural resources and ecosystem services. Information on aspects and impacts can come from ISO 14001 or from other sources.

This standard will provide direction on decisions that organizations make with regard to the identifying and setting the boundaries of their environmental costs and benefits to be considered and also to selecting the type of data to use in order for them to effectively start the process of determining costs and benefits.

The standard is designed to be used in a range of applications that inform environmental Management and is applicable to any organization regardless of size, type and nature, and applies to the environmental aspects, impacts and dependencies of its activities, products and services that the organization determines are to be included among its environmental costs and benefits.

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